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Britain’s biggest independent energy supplier, First Utility, has reported an 84pc plunge in pre-tax profits to £1.7m for 2015, despite increasing its customer numbers by a quarter.

Ian McCaig, chief executive, said the acquisition of its own billing platform, the costs of launching in Germany, setting up a new technology development centre in Poland and expanding its UK customer service operations had all contributed to the decline in profits.

First Utility’s revenues increased by 51pc to £847.3m in 2015 as customer numbers rose by 25pc to 883,000, accounts filed at Companies House show.

However, administrative expenses soared by 62pc to £91.4m due to “the continued investment in both acquiring...